Abu Dhabi National Takaful Co. PSC Announces a Combined Net Profit of AED 26.9 million in Q1 2018 Achieving 34% Growth in Profitability

Abu Dhabi: Thursday, 10 May 2018: Abu Dhabi National Takaful Co. PSC (ADNTC), the leading takaful operator in the region and one of the most progressive insurers in the UAE, has released its financial results for the first quarter of 2018 ending on 31 March 2018, announcing a combined net profit of AED 26.9 million (for policyholders & shareholders before Qard Hasan provision) achieving a growth of 34% compared to AED 20.1 million for the same period last year. 

The technical profit reached AED 33.5 million showing an increase of 24 % compared to AED 27 and the underwriting profit reached AED 23.5 million showing an increase of 39% compared to AED 17 million for the same period last year. 

ADNTC is off to a solid start in 2018 with an upward trajectory in its increasing combined net profitability. In 2017, the company’s combined net profit reached AED 64.6 million showing an impressive increase of 35% compared to AED 48.4 million for the year 2016. 

With significant performance improvement across all financial & non-financial indicators, the company continues to focus on maintaining solid underwriting discipline, providing outstanding customer service and offering innovative products & services. 

ADNTC’s consistent performance is further endorsed with a Financial Strength Rating of A- (Excellent) and an Issuers Credit Rating of “a-” assigned to it by A.M. Best. This is the highest rating given to any Takaful operator by A.M Best worldwide.

Khamis Buharoon Al Shamsi, Chairman of the Board of Directors, ADNTC, said: “ADNTC is off to a solid start in 2018, laying the groundwork for an even better performance for the rest of the year. Looking at our sound business model and strategic development plans, we are confident that we will maintain sustainability in our performance to reach new levels of growth supported by our enhanced products & services.” 

Osama Abdel Raouf Abdeen, Chief Executive Officer, ADNTC, said, “In insurance industry, ADNTC continues to make headway as evidenced by our consistent outstanding financial performance year after year. Our underwriting profit of AED 23.5 million posted for the first three months of 2018 is an indication of our credibility as the leading takaful operator in the region and our steady excellent financial standing. To sustain our lead, rest assured that we will remain committed to addressing the needs of our customers by offering the most viable Sharia’a compliant insurance experience.”

In 2017, ADNTC was recognized as the ‘Takaful Company of the Year’ at the 4th Middle East Insurance Industry Awards (MIIA) for its continued excellent performance.